Personal accessories in Malaysia continued to register positive growth in 2019, although the industry’s performance was tempered somewhat by waning demand, high levels of competition and widespread price discounting. However, the building trend for luxury goods continued to underpin strong value growth, especially in bags and luggage and watches.
Consumer sentiment weakened somewhat in Malaysia in 2019 as the faltering economy led to a certain degree of uncertainty among the country’s population. Relatively underwhelming real GDP growth of just 4.
2018 saw luxury goods brands prominent among the best performers across personal accessories, with Gucci recording the most dynamic sales growth. Other strong performers from the luxury segment during the year included Boucheron, Van Cleef and Arpels, Rimowa, Louis Vuitton, Saint Laurent, Dior, Michael Kors, Loewe, Chanel and Coach.
The vast majority of Malaysians prefer to touch and see the products they are interested in buying before committing to a purchase. In addition, most Malaysians appreciate the advice and assistance of professional sales staff when buying personal accessories.
The forecast period is expected to see sales of personal accessories continue to increase at a sustainable and steady pace. Population growth and rising affluence, especially in urban areas, are set to be the main factors underpinning growth across the industry.
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Discover the latest market trends and uncover sources of future market growth for the Personal Accessories industry in Malaysia with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our personal goods market research database.